Estimated results from AMOS24.0.

Small and medium-sized enterprises (SMEs) can gain a competitive advantage by implementing business model innovation (BMI), which is characterized as irreversible changes to a company’s business model. However, BMI is often associated with high risk, uncertainty, and ambiguity. In this study, the effectiveness of BMI on improving SME performance is examined using structural equation modeling (SEM) based on data collected from 330 Chinese SMEs. The purpose of this paper is to examine how enterprise risk management (ERM), organizational agility (OA), and entrepreneurial orientation (EO) affect SME performance. The results reveal that ERM, OA, and EO all have a positive impact on efficiency-centered BMI and SME performance; efficiency-centered BMI mediates this pathway. Building on dynamic capabilities theory, this paper combines ERM, OA, and EO into one framework to assess their impact on SME performance. Additionally, a case study is presented to provide suggestions for making decisions about BMI implementation.

中小企业（Small and medium-sized enterprises, SMEs）可通过实施商业模式创新（Business Model Innovation, BMI）获取竞争优势，而商业模式创新的核心特征为对企业商业模式开展不可逆变革。然而，商业模式创新往往伴随着高风险、不确定性与模糊性。本研究基于330家中国中小企业的调研数据，采用结构方程模型（Structural Equation Modeling, SEM）检验商业模式创新对中小企业绩效的提升效果。本文旨在探究企业风险管理（Enterprise Risk Management, ERM）、组织敏捷性（Organizational Agility, OA）与创业导向（Entrepreneurial Orientation, EO）如何影响中小企业绩效。研究结果显示，企业风险管理、组织敏捷性与创业导向均对以效率为导向的商业模式创新及中小企业绩效具有显著正向影响，且以效率为导向的商业模式创新在该路径中发挥中介传导作用。本研究以动态能力理论为基础，将企业风险管理、组织敏捷性与创业导向整合至同一分析框架，以评估其对中小企业绩效的作用机制。此外，本文还辅以案例研究，为商业模式创新的实施决策提供实践参考。